Intrinsic value of Ritchie Bros. Auctioneers - RBA

Previous Close

$28.50

  Intrinsic Value

$15.44

stock screener

  Rating & Target

sell

-46%

  Value-price divergence*

+147%

Previous close

$28.50

 
Intrinsic value

$15.44

 
Up/down potential

-46%

 
Rating

sell

 
Value-price divergence*

+147%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RBA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.69
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  566
  577
  591
  606
  623
  642
  662
  685
  709
  736
  764
  794
  826
  861
  897
  936
  977
  1,020
  1,066
  1,115
  1,166
  1,220
  1,277
  1,337
  1,400
  1,467
  1,537
  1,611
  1,689
  1,771
  1,857
Variable operating expenses, $m
 
  395
  404
  414
  425
  438
  451
  466
  483
  500
  519
  529
  551
  574
  598
  624
  651
  680
  711
  743
  777
  813
  851
  891
  934
  978
  1,025
  1,074
  1,126
  1,180
  1,238
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  437
  395
  404
  414
  425
  438
  451
  466
  483
  500
  519
  529
  551
  574
  598
  624
  651
  680
  711
  743
  777
  813
  851
  891
  934
  978
  1,025
  1,074
  1,126
  1,180
  1,238
Operating income, $m
  129
  183
  187
  192
  198
  204
  211
  219
  227
  235
  245
  265
  275
  287
  299
  312
  326
  340
  355
  372
  389
  407
  426
  446
  467
  489
  512
  537
  563
  590
  619
EBITDA, $m
  170
  228
  234
  240
  246
  254
  262
  271
  281
  291
  302
  314
  327
  340
  355
  370
  386
  404
  422
  441
  461
  483
  505
  529
  554
  580
  608
  637
  668
  700
  734
Interest expense (income), $m
  6
  21
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  83
  87
Earnings before tax, $m
  130
  162
  166
  170
  175
  180
  186
  192
  199
  207
  215
  233
  242
  252
  262
  273
  284
  297
  310
  323
  338
  353
  369
  386
  404
  422
  442
  463
  485
  508
  532
Tax expense, $m
  36
  44
  45
  46
  47
  49
  50
  52
  54
  56
  58
  63
  65
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
  125
  131
  137
  144
Net income, $m
  92
  118
  121
  124
  128
  131
  136
  140
  145
  151
  157
  170
  177
  184
  191
  199
  208
  217
  226
  236
  246
  258
  269
  282
  295
  308
  323
  338
  354
  371
  388

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  208
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,600
  1,418
  1,451
  1,488
  1,530
  1,577
  1,628
  1,683
  1,743
  1,808
  1,877
  1,951
  2,030
  2,115
  2,204
  2,299
  2,400
  2,507
  2,620
  2,739
  2,865
  2,997
  3,138
  3,285
  3,441
  3,604
  3,777
  3,958
  4,149
  4,350
  4,562
Adjusted assets (=assets-cash), $m
  1,392
  1,418
  1,451
  1,488
  1,530
  1,577
  1,628
  1,683
  1,743
  1,808
  1,877
  1,951
  2,030
  2,115
  2,204
  2,299
  2,400
  2,507
  2,620
  2,739
  2,865
  2,997
  3,138
  3,285
  3,441
  3,604
  3,777
  3,958
  4,149
  4,350
  4,562
Revenue / Adjusted assets
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
Average production assets, $m
  582
  593
  607
  622
  640
  659
  680
  703
  729
  756
  785
  816
  849
  884
  921
  961
  1,003
  1,048
  1,095
  1,145
  1,197
  1,253
  1,311
  1,373
  1,438
  1,507
  1,579
  1,655
  1,734
  1,818
  1,907
Working capital, $m
  125
  -58
  -59
  -61
  -62
  -64
  -66
  -68
  -71
  -74
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -111
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
Total debt, $m
  620
  613
  634
  658
  685
  714
  747
  782
  821
  862
  906
  954
  1,004
  1,058
  1,116
  1,176
  1,241
  1,309
  1,381
  1,457
  1,538
  1,622
  1,712
  1,806
  1,906
  2,010
  2,120
  2,236
  2,358
  2,487
  2,622
Total liabilities, $m
  912
  906
  927
  951
  978
  1,007
  1,040
  1,075
  1,114
  1,155
  1,199
  1,247
  1,297
  1,351
  1,409
  1,469
  1,534
  1,602
  1,674
  1,750
  1,831
  1,915
  2,005
  2,099
  2,199
  2,303
  2,413
  2,529
  2,651
  2,780
  2,915
Total equity, $m
  687
  512
  524
  537
  552
  569
  588
  608
  629
  653
  678
  704
  733
  763
  796
  830
  866
  905
  946
  989
  1,034
  1,082
  1,133
  1,186
  1,242
  1,301
  1,363
  1,429
  1,498
  1,570
  1,647
Total liabilities and equity, $m
  1,599
  1,418
  1,451
  1,488
  1,530
  1,576
  1,628
  1,683
  1,743
  1,808
  1,877
  1,951
  2,030
  2,114
  2,205
  2,299
  2,400
  2,507
  2,620
  2,739
  2,865
  2,997
  3,138
  3,285
  3,441
  3,604
  3,776
  3,958
  4,149
  4,350
  4,562
Debt-to-equity ratio
  0.902
  1.200
  1.210
  1.220
  1.240
  1.260
  1.270
  1.290
  1.300
  1.320
  1.340
  1.350
  1.370
  1.390
  1.400
  1.420
  1.430
  1.450
  1.460
  1.470
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
  1.560
  1.570
  1.570
  1.580
  1.590
Adjusted equity ratio
  0.344
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  92
  118
  121
  124
  128
  131
  136
  140
  145
  151
  157
  170
  177
  184
  191
  199
  208
  217
  226
  236
  246
  258
  269
  282
  295
  308
  323
  338
  354
  371
  388
Depreciation, amort., depletion, $m
  41
  46
  47
  48
  49
  50
  51
  52
  54
  56
  57
  49
  51
  54
  56
  58
  61
  64
  66
  69
  73
  76
  79
  83
  87
  91
  96
  100
  105
  110
  116
Funds from operations, $m
  189
  164
  167
  172
  176
  181
  187
  193
  199
  206
  214
  220
  228
  237
  247
  257
  268
  280
  292
  305
  319
  333
  349
  365
  382
  400
  418
  438
  459
  481
  504
Change in working capital, $m
  11
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
Cash from operations, $m
  178
  165
  169
  173
  178
  183
  189
  195
  202
  209
  217
  223
  231
  241
  251
  261
  273
  284
  297
  310
  324
  339
  354
  371
  388
  406
  425
  445
  467
  489
  512
Maintenance CAPEX, $m
  0
  -35
  -36
  -37
  -38
  -39
  -40
  -41
  -43
  -44
  -46
  -48
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -66
  -69
  -73
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
New CAPEX, $m
  -19
  -11
  -14
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
Cash from investing activities, $m
  -117
  -46
  -50
  -53
  -56
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -82
  -86
  -91
  -96
  -100
  -106
  -111
  -116
  -122
  -129
  -135
  -141
  -148
  -155
  -163
  -172
  -180
  -189
  -198
Free cash flow, $m
  61
  118
  119
  121
  123
  125
  128
  131
  134
  138
  142
  144
  149
  154
  160
  166
  172
  179
  186
  194
  202
  211
  220
  230
  240
  251
  262
  274
  287
  300
  314
Issuance/(repayment) of debt, $m
  507
  17
  21
  24
  27
  30
  33
  35
  38
  41
  44
  47
  51
  54
  57
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
Issuance/(repurchase) of shares, $m
  -12
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  474
  17
  21
  24
  27
  30
  33
  35
  38
  41
  44
  47
  51
  54
  57
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
Total cash flow (excl. dividends), $m
  535
  136
  140
  145
  149
  155
  160
  166
  172
  179
  186
  191
  199
  208
  217
  227
  237
  247
  258
  270
  283
  296
  309
  324
  339
  355
  372
  390
  409
  428
  449
Retained Cash Flow (-), $m
  16
  -9
  -12
  -13
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
Prev. year cash balance distribution, $m
 
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  311
  128
  131
  134
  138
  142
  146
  151
  156
  161
  165
  171
  178
  185
  192
  200
  209
  218
  227
  237
  248
  259
  271
  283
  296
  310
  324
  340
  356
  373
Discount rate, %
 
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
 
  295
  115
  110
  105
  100
  95
  90
  84
  78
  72
  65
  59
  53
  48
  42
  36
  31
  27
  22
  18
  15
  12
  9
  7
  5
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Ritchie Bros. Auctioneers Incorporated, together with its subsidiaries, sells industrial equipment and other assets for the construction, agriculture, transportation, energy, mining, forestry, material handling, marine, and real estate industries through its unreserved auctions and online marketplaces. The company operates a network of auction locations that conduct live and unreserved auctions with on-site and online bidding. It also operates an online-only used equipment marketplace that facilitates the completion of sales through a settlement process. In addition, the company provides technology services, including software and technology solutions to auction companies to conduct live and online bidding; and value added services. Ritchie Bros. Auctioneers Incorporated primarily sells equipment to its customers through unreserved auctions at 45 auction sites in North America, Central America, Europe, the Middle East, Australia, New Zealand, and Asia. Ritchie Bros. Auctioneers Incorporated was founded in 1958 and is headquartered in Burnaby, Canada.

FINANCIAL RATIOS  of  Ritchie Bros. Auctioneers (RBA)

Valuation Ratios
P/E Ratio 33.1
Price to Sales 5.4
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate 9.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.6%
Cap. Spend. - 3 Yr. Gr. Rate -12%
Financial Strength
Quick Ratio 9
Current Ratio 0.2
LT Debt to Equity 86.8%
Total Debt to Equity 90.2%
Interest Coverage 23
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 12.1%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 15.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 88.3%
Gross Margin - 3 Yr. Avg. 88.5%
EBITDA Margin 31.3%
EBITDA Margin - 3 Yr. Avg. 37.2%
Operating Margin 22.8%
Oper. Margin - 3 Yr. Avg. 26.6%
Pre-Tax Margin 23%
Pre-Tax Margin - 3 Yr. Avg. 28%
Net Profit Margin 16.3%
Net Profit Margin - 3 Yr. Avg. 20.5%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 25.5%
Payout Ratio 76.1%

RBA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RBA stock intrinsic value calculation we used $566 million for the last fiscal year's total revenue generated by Ritchie Bros. Auctioneers. The default revenue input number comes from 2016 income statement of Ritchie Bros. Auctioneers. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RBA stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.4%, whose default value for RBA is calculated based on our internal credit rating of Ritchie Bros. Auctioneers, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ritchie Bros. Auctioneers.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RBA stock the variable cost ratio is equal to 68.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RBA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Ritchie Bros. Auctioneers.

Corporate tax rate of 27% is the nominal tax rate for Ritchie Bros. Auctioneers. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RBA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RBA are equal to 102.7%.

Life of production assets of 16.5 years is the average useful life of capital assets used in Ritchie Bros. Auctioneers operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RBA is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $687 million for Ritchie Bros. Auctioneers - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 104.123 million for Ritchie Bros. Auctioneers is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ritchie Bros. Auctioneers at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ Ritchie Bros. beats 2Q profit forecasts   [Aug-08-17 05:22PM  Associated Press]
▶ New Strong Sell Stocks for July 13th   [Jul-13-17 11:39AM  Zacks]
▶ 3 Stocks That Feel Like Wal-Mart in 1970   [Jun-10-17 08:10PM  Motley Fool]
▶ Ritchie Bros. crane sales ready to reach new heights   [Jun-05-17 03:05PM  PR Newswire]
▶ 2 Top Dividend Stocks That Could Double   [May-15-17 03:28PM  Motley Fool]
▶ Ritchie Bros. misses Street 1Q forecasts   [May-05-17 05:03AM  Associated Press]
▶ Ritchie Bros. reports first quarter 2017 results   [May-04-17 05:05PM  CNW Group]
▶ 3 Top Industrial Stocks' Earnings to Watch This Week   [Apr-30-17 08:07AM  Motley Fool]
▶ Caterpillar: Fixing a Hole   [Apr-25-17 11:12AM  Barrons.com]
▶ 3 Stocks We Can't Wait to Buy on Sale   [Feb-28-17 09:33AM  Motley Fool]
▶ 3 Stocks We Can't Wait to Buy on Sale   [09:33AM  at Motley Fool]
▶ Why Shares of Ritchie Bros. Auctioneers Soared 46% in 2016   [Feb-02-17 11:30AM  at Motley Fool]
▶ Ritchie Bros.' massive Orlando auction still growing   [Jan-31-17 08:00AM  PR Newswire]
▶ Ritchie Bros. Auctioneers Declares Quarterly Dividend   [Jan-23-17 08:00AM  PR Newswire]
▶ 3 Top Stocks to Buy on the Next Dip   [Dec-31-16 09:23AM  at Motley Fool]
▶ Chuck Royce Is Overweight Industrials; Heres Why   [Dec-28-16 11:59AM  at Insider Monkey]
Financial statements of RBA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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